All 70 Stat. 407. 58A Stat. 45. 58A Stat. 300. 26 USC 1016. 68A Stat. 306. 26 USC 1033. Effective date. of the Internal Revenue Code of 1954 is hereby amended by inserting at the end thereof "Sec. 177. Trademark and trade name expenditures." (c) Subsection (a) of section 1016 of the Internal Revenue Code of 1954 (relating to adjustments to basis) is hereby amended by striking out the period at the end of paragraph (15) and inserting in lieu thereof a semicolon, and by adding at the end of such subsection the following new paragraph: "(16) for amounts allowed as deductions for expenditures treated as deferred expenses under section 177 (relating to trademark and trade name expenditures) and resulting in a reduction of the taxpayer's taxes under this subtitle, but not less than the amounts allowable under such section for the taxable year and prior years.' SEC. 5. LIVESTOCK SOLD ON ACCOUNT OF DROUGHT. (a) Section 1033 of the Internal Revenue Code of 1954 (relating to involuntary conversions) is hereby amended by redesignating subsection (f) thereof as subsection (g) and by inserting after subsection (e) of such section the following new subsection: "(f) LIVESTOCK SOLD ON ACCOUNT OF DROUGHT.-For purposes of this subtitle, the sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number the taxpayer would sell if he followed his usual business practices shall be treated as an involuntary conversion to which this section applies if such livestock are sold or exchanged by the taxpayer solely on account of drought." (b) The amendment made by this section shall apply with respect to taxable years ending after December 31, 1955, but only in the case of sales and exchanges of livestock after December 31, 1955. 84th Congress AN ACT To create an academic advisory board for the United States Merchant Marine Academy. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Public Law Merahant Marine 214, Eightieth Congress (61 Stat. 401), be amended to read as follows: Academy. Advisory board, "The Secretary of Commerce may appoint an advisory board to the 46 USC 1126d. United States Merchant Marine Academy consisting of not more than seven persons of distinction in education and other fields relating to 70 Stat. 524, the purposes of the academy, who shall serve without pay. Members 70 Stat. 525. of the advisory board shall be appointed for terms of not to exceed three years and may be reappointed. The Secretary of Commerce shall, in June of each year, appoint one of the members to serve as chairman. The members so appointed shall visit the academy at least once during the academic year on the call of the chairman and may convene once each year in Washington, at the call of the Maritime Administrator, for the purpose of examining the course of instruction and the management of the academy and advising the Maritime Administrator, with a copy of such advice to the superintendent, relative thereto. The expenses of the board while engaged in these duties, Expenses. including the expense of travel, shall be defrayed under Government travel regulations from any appropriation for the authorized work of the Maritime Administration." Approved July 11, 1956. To amend title VII of the Merchant Marine Act, 1936, as amended, to provide for experimental operation and testing of vessels owned by the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title VII of Vessels. he Merchant Marine Act, 1936, as amended (46 Ú. S. C., secs. 1191- Operation and testing. 204), is amended by adding at the end thereof a new section to read 49 Stat. 2008s follows: 2011. "SEC. 715. The Secretary of Commerce, for the purpose of practical development, trial, and testing, is authorized without regard to other >rovisions of this title or other laws relating to chartering and general gency operations, to operate, under general agency agreements or pareboat charter, vessels owned by the United States (including any national defense reserve vessel) which have been constructed, reconditioned, or remodeled for experimental or testing purposes, in the foreign or domestic trade of the United States or for use for the account of any agency or department of the United States, under such reasonable terms or conditions as the Secretary of Commerce determines to be necessary to carry out the objects of this Act: Provided, however, That not in excess of ten such vessels shall be operated and tested under the authority of this section in any one year. Bareboat charters entered into under this section shall be made at reasonable rates of charter and shall include such restrictions and conditions as the Secretary of Commerce determines to be necessary or appropriate to protect the public interest, including provisions for recapture of profits as provided for in section 709 of this Act, as amended. Char- 46 USC 1199. ters and general agency agreements entered into under this section shall be reviewed annually for the purpose of determining whether conditions exist which would justify continuance of the charter or agreement. Those provisions of law prescribed or incorporated under the heading "VESSEL OPERATIONS REVOLVING FUND" in chapter VIII of the Third Supplemental Appropriation Act, 1951 (Public Law 45, Eighty-second Congress; 65 Stat. 52, 59), which relate to vessel 46 USC 1241a. operating activities of the Secretary of Commerce and to employment of seamen through general agents, shall be applicable in connection with charters and agreements entered into under this section." Approved July 11, 1956. Chapter 600 2d Session To amend the shipping laws, to prohibit the operation in the coastwise trade of vessels rebuilt outside the United States, and for other purposes. outside U. S. 49 Stat. 442. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 27 of Coastwise trade the Merchant Marine Act, 1920, as amended (U. S. C., 1952 edition, vessels rebuilt title 46, sec. 883), is further amended by inserting the following new proviso at the end of the first proviso thereof: "Provided further, That no vessel of more than five hundred gross tons which has acquired the lawful right to engage in the coast wise trade, either by virtue of having been built in or documented under the laws of the United States, and which has later been rebuilt outside the United States, its Territories (not including trust territories), or its possessions shall have the right thereafter to engage in the coastwise trade." SEC. 2. If any vessel of more than five hundred gross tons docu- Report. mented under the laws of the United States, or last documented under such laws, is rebuilt outside the United States, its Territories (not including trust territories), or its possessions, a report of the circumstances of such rebuilding shall be made to the Secretary of the Treasury upon the first arrival of the vessel thereafter at a port within the customs territory of the United States in accordance with such regulations as the Secretary may prescribe. If the required report is not Penalty. made, the vessel, together with its tackle, apparel, equipment, and furniture, shall be forfeited, and the master and owner shall each be liable to a penalty of $200. Any penalty or forfeiture incurred under this Act may be remitted or mitigated by the Secretary under the provisions of section 5294 of the Revised Statutes of the United States, as amended (U.S. C., 1952 edition, title 46, sec. 7). SEC. 3. The Secretary of the Treasury shall prescribe such regula- Regulations. tions as may be necessary to carry out the purposes of this Act. SEC. 4. This Act shall be effective from the date of enactment hereof: Effective date. Provided, however, That no vessel shall be deemed to have lost its coast wise privileges hereunder if it is rebuilt under a contract entered into before such date of enactment and if the work of rebuilding is commenced not later than six months after such date of enactment. Approved July 14, 1956. To authorize medals and decorations for outstanding and meritorious conduct and service in the United States merchant marine, and for other purposes. Marine. decorations. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Secre- U. S. Merchant tary of Commerce is authorized, under such rules and regulations as he may prescribe, to provide and award with the concurrence of the Medals and Secretary of the Treasury: A merchant marine distinguished service medal to any person serving in the United States merchant marine who distinguishes himself by outstanding act, conduct, or valor beyond the line of duty, and a merchant marine meritorious service medal to any person serving in the United States merchant marine for meritorious act, conduct, or service in line of duty, but not of such outstanding character as would warrant an award of the distinguished service medal. (b) No more than one distinguished service medal or meritorious Restriction. service medal shall be awarded to any one person, but for each succeeding act, conduct, or service justifying such an award, a suitable device may be awarded to be worn with the medal or ribbon. In case any person who so distinguishes himself or so acts or serves as to justify the award of a medal under this section dies before the award can be made to him, the award may be made and medal presented to such representatives of the deceased as the Secretary of Commerce deems proper. SEC. 2. The Secretary of Commerce is authorized to provide and Service ribbon issue, under such rules and regulations as he may from time to time bar. prescribe, a distinctive service ribbon bar to each master, officer, or member of the crew of any United States ship who serves or has served after June 30, 1950, in any time of war, or national emergency pro- 70 Stat. 605. claimed by the President or by Congress, or during an operation by 70 Stat. 606. Armed Forces of the United States outside the continental United States, for such period of time and in such area or under such conditions of danger to life as the Secretary may set forth in regulations issued hereunder. Such bars shall be provided at cost by the Secretary Cost. or at reasonable prices by private persons when authorized for manu facture and sale by the Secretary. Whenever any bar presented under Replacements. the provisions of this section is lost, destroyed, or rendered unfit for use, without fault or neglect of the owner, such bar may be replaced at cost by the Secretary or at reasonable prices by private persons authorized by him. SEC. 3. The Secretary of Commerce is authorized to issue, with the Ship oitation. concurrence of the Secretary of the Treasury, a citation as public evidence of deserved honor and distinction to any United States ship or to any foreign ship which participates in outstanding or gallant action in marine disasters or other emergencies for the purpose of saving life or property. The Secretary of Commerce may award a Plaque. plaque to a ship so cited, and a replica of such plaque may be preserved, under such rules and regulations as the Secretary may prescribe, as a permanent historic record. The Secretary of Commerce may also award an appropriate citation ribbon bar to the master or each person serving on board such ship at the time of the action for which citation is made, as public evidence of such honor and distinction. Whenever such master or person would be entitled hereunder to the award of an additional citation ribbon, a suitable device shall be awarded, in lieu thereof, to be attached to the ribbon originally awarded. In any case of a proposed award or citation to a foreign |